BOSTON — Related Beal has completed the sale of One Lovejoy Wharf in Boston. Union Investment Real Estate GmbH, on behalf of its open-ended real estate fund Unilmmo: Global, has acquired the 235,000-square-foot waterfront office property, formerly known as the Hoffman Building, for an undisclosed price. Acquired by Related Fund Management in 2012 and redeveloped by Related Beal, the office building now serves as Converse’s headquarters under a long-term lease and features wharf-level retail space. This acquisition marks Union’s first entry into the Boston office market.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of an investment retail property located at 2703 E. Tremont Ave. in the Westchester Square neighborhood of the Bronx. An affiliate of Rockfarmer Properties acquired the property, which is triple-net leased to Wendy’s, for $6.6 million. The 16,825-square-foot lot features a 2,772-square-foot restaurant, which is leased until 2035, and a 21-space parking lot. The lot offers future development potential as R6/C1-2 zoning allowing 50,475 buildable square feet, as-of-right, for a mixed-use structure and more than 80,000 buildable square feet by including a community facility. Scot Hirschfield, Jason Gold, Michael Tortorici, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.
AUSTIN, TEXAS — Yates Construction will serve as general contractor for interior finishes of a multi-level lobby remodel at the One American Center building on 6th and Congress avenues. The property is located in downtown Austin near the Texas State Capitol. Pre-construction will begin immediately on the 25,000-square-foot, $4.5 million project, with construction slated to begin early this summer. Substantial project completion is expected in January 2017.
DALLAS — Lee & Associates has completed a lease transaction for a 10,500-square-foot industrial space located at 1606 S. Barry Ave. in Dallas. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, The Dallas Firefighter’s Museum Inc. Josh Barnes of Holt Lunsford Commercial represented the landlord, City Warehouse LP.
HOUSTON — Bellomy & Co. has arranged the sale of Eldridge FM 1960 Storage in Houston. The Class A facility was built in 2008, sits on nearly seven acres and consists of 587 units spanning more than 77,000 square feet. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. listed the facility on behalf of the Houston-based seller. The team also procured the buyer, Extra Space Storage, a publicly traded REIT headquartered in Salt Lake City.
TEXAS CITY, TEXAS — Hunt Mortgage Group has provided an $11 million Fannie Mae loan to refinance Lakeview Apartments, a multifamily community in Texas City. The property is located in northwest Galveston County, 33 miles southeast of Houston’s Central Business District. Charles Nickson acquired the property in 1993. Lakeview Apartments is a 304-unit, garden-style multifamily facility comprising 22 two-story residential buildings and a one-story leasing office/clubhouse. The 10-year loan includes five years of interest-only payments, a 30-year amortization schedule and a 9.5-year yield maintenance period. Lakeview Apartments also offers parking via 82 metal carports and features an outdoor swimming pool, exercise/fitness room and three laundry facilities. All apartments have individual washer and dryer connections.
THE WOODLANDS, TEXAS — Warren Hitchcock of NorthMarq Capital’s Houston office has arranged the refinancing of a construction loan for a retail property containing two tenants in The Woodlands. The property, located on Kuykendahl Road, contains 11,000 square feet. The loan was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with an unnamed life insurance company.
LAS VEGAS — The University of Nevada Las Vegas (UNLV) and The Midby Cos. have begun construction on a three-phased redevelopment of the University Park Apartments, a garden style apartment community located at the north end of campus. UNLV purchased the property, which will be converted into on-campus student housing, in 2015 and The Midby Cos. have entered into a 40-year ground lease to redevelop and operate the property. The Midby Cos. will invest $76 million into creating the community, called U District. Phase I of development, which is currently underway, includes the demolition of existing structures and the construction of The Degree, a 758-bed housing community expected for completion in fall 2017. The Degree will offer fully furnished two-bedroom double occupancy, two-bedroom single occupancy and four-bedroom single occupancy units with private bathrooms. Each unit features a washer and dryer, kitchen, balconies and air conditioning. Community amenities include fitness centers, study and team rooms, media and social lounges and a 2,000-square-foot resort-style pool with lounge areas, cabanas and grill stations. Within the next 10 years, the remainder of U District will be redeveloped in two more phases. The remaining units for Phase II and III are currently being renovated and …
CHARLOTTE, N.C. — Cornerstone Real Estate Advisers, acting on behalf of an institutional client, and Spectrum Properties plan to build a 17-story, 217-room lifestyle hotel at the corner of Third and Church streets in Uptown Charlotte. Kimpton Hotels, which was purchased by Intercontinental Hotels Group in 2015, will manage the hotel. Cornerstone and Spectrum expect to deliver the hotel by October 2017. The asset will feature a fitness center and 9,200 square feet of flexible meeting space, including a 4,000-square-foot ballroom and five conference rooms. The hotel will also include a signature 180-seat restaurant and a partially open-air, 7,500-square-foot, 160-seat rooftop lounge that overlooks Romare Bearden Park. The hotel will complement the previously announced 300 South Tryon, a 25-story, 600,000-square-foot office building at Third and Tryon streets.
LEESBURG, FLA. — Elderfire Lodges, a developer based in Florida, has unveiled plans for Red Maple Lodge, a 150-bed assisted living and memory care community in Leesburg, approximately 45 miles northwest of Orlando. Red Maple Lodge will be the company’s fourth seniors housing property. Groundbreaking is scheduled for early summer 2016.